Montezuma, Indiana Property Taxes
The median property tax rate in Montezuma, IN is 0.62%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value in Montezuma of $78,300, the typical annual property tax bill amounts to $548, which is well below the national median of $2,690. Property taxes in Montezuma are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Montezuma's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Montezuma or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montezuma, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Montezuma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montezuma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montezuma to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Montezuma, Indiana
Property taxes in Montezuma, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montezuma is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Montezuma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montezuma estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Montezuma's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47862 has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Montezuma provides valuable insights into the varying tax landscape across Parke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montezuma Tax Rate
0.62%
Average Parke County Tax Rate
0.56%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montezuma, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47862 | 0.30% | 0.40% | 0.62% | 1.56% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Montezuma, Indiana
In Montezuma, Indiana, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Parke County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Montezuma, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Montezuma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price in Montezuma is $78,300, with the highest and lowest median tax bills both recorded at $548 in the 47862 zip code.
Average Montezuma Assessed Value
$78,300
Average Parke County Assessed Value
$117,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montezuma, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47862 | $16,790 | $43,425 | $78,300 | $136,700 | $222,280 |
Source: Ownwell
Property Tax Bills Across Montezuma, Indiana
In Montezuma, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the home. Various factors such as the property's location, size, and condition play a role in determining its assessed value. Homeowners in Montezuma, located in Parke County, can expect property tax bills that vary significantly. The 25th percentile tax bill is approximately $278, while the 75th percentile tax bill reaches around $1024. For those at the 90th percentile, the tax bill can be as high as $1698. Compared to the national median property tax rate of 0.99%, Montezuma's tax bills reflect a broad range due to the differing assessed values of properties. These property tax bills directly impact homeowners by influencing their annual housing costs. Higher assessed values lead to higher tax bills, which can affect affordability and long-term financial planning. Understanding how these bills are calculated helps homeowners better anticipate and manage their expenses.
Average Montezuma Tax Bill
$548
Average Parke County Tax Bill
$683
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Montezuma, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47862 | $159 | $278 | $548 | $1,024 | $1,698 |
Source: Ownwell